Market Research Report
Seaweed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Seaweed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: August 2, 2021
IMARC Services Private Limited
Content info: 143 Pages
Delivery time: 2-3 business days
The global seaweed market reached a production value of US$ 11.5 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 11.8% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Seaweeds or macroalgae refer to several species of macroscopic, multicellular, and marine algae that grow in oceans, sea, lakes, rivers, and other water bodies. They are either obtained from aquaculture or wild harvest. Based on the high amount of minerals and vitamins in seaweeds, various hydrocolloids such as agar, alginate, gelatinous substances, and carrageenan can be extracted from them. Owing to several functional and health benefits, they find diversified applications in food & beverages, pharma products, wastewater treatment, bio-refining, and dietary supplements.
The rising demand for seaweed is augmented by the increasing consumption of seaweed in dietary supplements based on its nutritive content, flavor-enhancing, and weight loss properties. Moreover, seaweeds are rich in bioactive compounds, antioxidants, and antimicrobial properties, which makes them suitable for several medical purposes in the pharmaceutical industry. Additionally, the newer applications of seaweed, for instance, as a thickening agent in the textile industry as well as for enhancing yield, improving soil quality and crop protection in the agriculture industry, have also bolstered the product demand in recent times. Furthermore, the increasing investments in several R&D activities, coupled with the rising consumer awareness towards diversified applications of seaweed, are anticipated to catalyze the global seaweed market in the coming years.